How Big Data Helped Bank Of Indonesia Think Big
Big data is directly related to big business. If you want to sustain in this dynamic business market, you must resort to Big Data. What is Big Data? It is a data collection and analytics process which helps you cater to the customized needs of your customers. Big Data has 10 major benefits which are as follows:
- Understanding business potential
- Creating a customer base
- Optimizing business process
- Personal use
- Lucrative financial trading
But is getting Big Data seriously a good deal? Yes, it is. The success story of Bank of Indonesia is a proof of it.Why did Bank of Indonesia take this initiative? This is a country with 260 million people who reside across 17,000 islands. Bank of Indonesia, as the central bank of the country, wanted to use this immense source of information properly to boost economic growth. But this was not an easy job for the bank as the data was huge to be used in the right way in the limited amount of time. So they resorted to Big Data.
Another reason to resort to Big Data by Bank of Indonesia is in this economy most of the transactions are private spending. Hence for measuring consumer patterns, labor dynamics and identifying the thought process of the common masses, they needed to get as much data as possible from online stores to social media, from datasets of technology companies to job websites; this was possible only through Business Intelligence, that is, Big Data.
As the world is going through a digital globalization, the financial sector cannot escape its influence; Bank of Indonesia started promoting Big Data across all sectors in the economy. So how are they promoting Big Data?
In Governmental Activities
Since 2014 Bank of Indonesia has started intensifying the use of Big Data in government activities. Big Data is now used to make policy changes and implementing any new policy in the country. One such example is the initiative to utilize Big Data in creating and maintaining organized city plans, namely, the smart cities. The explosive use of social media and internet have given policymakers new avenues to get data and make the policies stronger and effective in the country.
To Take Financial Decisions
Bank of Indonesia encourages the use of Big Data in each and every financial institution of the country to ensure better customer experience and prevent frauds. Every customer transaction is a source of information and Big Data taps the benefits of this data by utilizing it to improve the financial condition of the country and reduce the imbalance in resource distribution amongst the common masses. Before any new interest rate is announced the unit scores of social media, perceptions of public and their expectations are taken into consideration by the bank. And how they do it? They follow the content on social networks, news sites, and websites. The dependency on economic data to set standard interest rates helped Indonesia get a stable rate.
Get More Trade
Bank of Indonesia has also taken an initiative to enable better use of Big Data in the trade and transportation sectors. The nature of customer purchase and the preferred mode of transportation among the daily commuters are few types of data which are used by these sectors to expand customer base and increase the number of transactions.
Arranging Trainings and Gatherings
Besides these, Bank of Indonesia also organizes seminars and forums where academicians, industrialists, finance analysts and policymakers can come together, share their experience in using Big Data, discuss the challenges they faced and the success they achieved after using Big Data.
A Bit Of Manual Intervention
Last but not the least; while Bank of Indonesia uses the system to screen such large amount of data, they still use their eyes to make sure the data is used for the right purpose.
Bank of Indonesia just does not rely on the primary data sources to collect information but also collects data from secondary property market and online housing websites to get a better pulse on the economy.The President along with the financial analysts still feel there is a lot to achieve by using Big Data. So why should you stay behind? Big or small, whatever may be your business type, choose Big Data to forecast market trends better and get a loyal customer base by catering to their needs in the best possible way.
Author Bio: Ethan Millar is working with AegisSoftTech as a Content Creator from last 5 years. He has vast experience in writing technical articles for Java, Big data analytics services. Net and MS Dynamics CRM. Stay Connected with him.